Qatar vows to keep spending through global crisis

Central bank governor also warns banks to revisit its policies on lending, investment.
Qatar vows to keep spending through global crisis
By Andy Sambidge
Thu 12 Mar 2009 08:40 AM

Qatar will continue to maintain a high level of public spending on development projects through the impact of the global economic crisis, a top official has said.

The Governor of the Qatar Central Bank (QCB) said the Ministry of Economy and Finance would continue to allocate resources for infrastructure projects without delay despite the decline in oil prices.

Sheikh Abdullah bin Saud Al Thani made his comments as he addressing a seminar on the world financial turbulence held by Doha Bank, The Peninsula reported on Thursday.

“Our banks and financial institutions should rest assured of the soundness and strength of the fundamentals of our economy and of the great support received from the leadership and government of Qatar,” he said.

They should, however, be aware of the challenges that will surface as a result of the global crisis, he added.

He advised banks to revisit their credit and investment policies in the light of the current economic situation.

Qatar's economy is projected by seven percent in 2009 — one of the highest growth rates expected this year.

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